Consumer Credit Protection Amendment (Fees) Bill 2011

Type: Private
Sponsor: XENOPHON, Sen Nick
Originating house: Senate
Status: Before Senate
Parliament no: 43
Summary: Amends the:
National Consumer Credit Protection Act 2009
to provide that: credit fees or charges relating to credit contracts must be reasonable; and the Australian Securities and Investments Commission may apply for a court order to annul or reduce a credit fee or charge it determines not to be reasonable; and
Banking Act 1959
to require the Australian Prudential Regulation Authority to prohibit banks with a market share of more than 10 per cent from imposing early termination fees in relation to loan agreements or mortgage contracts.

Progress

Senate
21 Jun 2011	Introduced and read a first time
21 Jun 2011	Second reading moved

Documents and transcripts

Text of bill

First reading

Explanatory memoranda

Explanatory memorandum

Transcript of speeches

Proposed amendments

No documents at present

Schedules of amendments

No documents at present

Committee Information

No documents at present

Bills Digest

No documents at present

Notes

Referred to Committee (07/07/2011): Senate Economics Legislation Committee
Committee report (14/09/2011)

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Helpful information

Text of bill

First reading: Text of the bill as introduced into the Parliament
Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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